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830 CMR 62.8.2: Reg Fact Sheet

MASSACHUSETTS DEPARTMENT OF REVENUE REGULATION FACT SHEET

TITLE: 830 CMR 62.8.2: Corporate Trust Income and Distributions

SUMMARY OF REGULATION: This regulation explains the mechanics of how a trust beneficiary calculates a credit to be taken at the beneficiary level for income taxes paid on such income by the corporate trust to other jurisdictions. In addition, the regulation clarifies the Department's position as supported by the amendment to G.L. c. 62, § 8, that non-Massachusetts apportioned income is included in the definition of "tax free earnings and profits" for purposes of § 8.